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ENHANCED OIL RECOVERY (EOR)

EOR is a method of injecting captured carbon dioxide into a depleted oil field to increase the amount of oil to be extracted from the well. This method increases oil production and has proven to be profitable when oil prices are high. This is a permanent and highly sought-after application of CCUS. The biggest attractiveness of EOR is that mankind is still highly dependent on oil.

TARGET MARKET

Oil fields

ALSO KNOWN AS

Tertiary oil recovery

Economic Costs and Benefits

  • When oil is extracted using the EOR method, the additional cost is reflected in the oil price.

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  • For EOR with CO2, it is typically US$ 0.5–8.0 per ton of CO2.

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  • Increased oil extraction through EOR is an economic advantage that is profitable in line with normal oil prices.

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  • Onshore EOR paid in the range of US$ 10-16 net per ton of CO2 injected for a price of US$ 15-20/barrel of oil

  • The prevailing price depends on many factors, but more procedures and more expensive procedures are economically viable at a higher price, thus determining the economic suitability of any procedure.

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  • We are at a powerful moment when we must leverage these traditional energy sources to supply future power needs while other sources are being explored and developed

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  • EOR-derived oil production has more than tenfolded over the past decade due to growing oil demand and declining oil supply.

CO2-EOR

  • The injection of carbon dioxide (CO2) to improve oil recovery from depleted wells is known as carbon dioxide-enhanced oil recovery (CO2-EOR) and is a scientifically and commercially proven process.

 

  • Since most of the CO2 injected into the EOR is permanently sequestered from the atmosphere, capturing CO2 from industrial plants (including power plants) that emit large amounts of pollution and utilizing it for CO2-EOR is commonly known as carbon capture, utilization and storage. ​​

  • In order to increase the production of aging oil fields, the transition from thermal, gas or chemical injection methods, which traditionally extracts crude oil from wells, to EOR technology, which injects CO2, is rapidly taking place.

 

  • With the growing demand for crude oil, the EOR market size is expected to expand at a rapid pace in 2021-2027.

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